Thursday, 6 April 2017

Secure Logistics: Safeguarding Finances

Rapid technological advancements in banking and corporate industries have increased their susceptibility to crime, which has increased the need to safeguard, manage, and transport currency. Security is now extended to various industries associated with cash management, manufacturing, diamonds, jewelry & precious metals, etc. Cash management involves cash-in-transit, cash processing, and Automated Teller Machines (ATMs). 

Cardless ATM

Diebold is an American self-service, security, and services corporation that develops ATMs with advanced technology. They have developed an ATM machine called “Irving” that does not require a physical card. It authorizes withdrawal transactions using Smartphone and iris-scan biometric technology. 

Irving eliminates the need for pin pad, screen on the machine, and a card reader. The omission of these parts results in a much smaller ATM machine. In order to withdraw cash, a user needs to connect his/her smartphone to the machine using Near Field Communication (NFC) or a secure wireless technology. The machine uses an iris scan to authenticate the identity of the person withdrawing the amount. Cash is dispensed “only” after the identity of a user is confirmed. The whole process requires about 10 seconds. This techology is being tested by Citigroup at their bank’s innovations laboratory in New York.

Diebold is also working on a second machine “Janus,” which could substitute a teller in a bank. Janus shares alarm boards, monitoring technology, and connectivity. The machine provides terminals to serve two customers at a time, without compromising the speed and security of a transition. It also includes a touch screen for a more advanced account access and a video teller to help them with complex transactions. Most importantly, it is very user friendly. 

Janus is also mobile enabled thru NFC or Quick Response (QR) code. The machine eliminates the threat of card frauds and the use of traditional card readers. Printed receipts have been replaced by text and email receipts. It is equipped with an interactive touch screen that enables multiple check imaging and ID scanning for document signing and new account creation. The terminals include privacy panels with an intuitively integrated screen. It also has a single-shot cash interface with a more refined modern design. 

Market Overview

The global secure logistics market is anticipated to surpass USD 109 billion by 2025, according to a new report by Grand View Research, Inc. ATMs play an integral role in maintaining core banking touch points with consumers. This is expected to drive the secure logistics market over the coming years.

Market Rivals

Brink’s, Cargo Guard Secure Logistics, G4S Secure Solution, and CMS Infosystem Pvt. Ltd., are some of the major competitors of this market. They undertake mergers and acquisitions in order to enhance their product portfolios and expand their global presence.

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